PLEASE HELP!!!!! -You deposit $5,000 in an account that earns 5% simple interest. How long will it be before the total amount is $6,000?

Answer 1

I = PRT

1,000 = 5,000 * 0.05 * t

1,000 = 250 * t

1,000/250 = t

4 = t

4 years

Answer 2

THANKS!! I needed to remember I=PRT

Answer 3

Yep.

Although I've forgotten a lot of formulas -- I've remembered I=PRT for over 60 years! <g>